Charles Hoskinson, the founder of Cardano, has outlined the network’s future direction following the recent Chang hard fork. This announcement comes a day after he declared Cardano an independent blockchain.
In a video posted on X, Hoskinson shared that Cardano has entered the bootstrap phase. This phase marks the beginning of the new governance structure under the Voltaire era. Hoskinson celebrated the establishment of the fledgling government, which includes the constitutional committee (CC), stake pool operators (SPOs), and decentralized representatives (DReps).
Bootstrap Phase and Governance Structure
During the bootstrap phase, Cardano will create a provisional constitution. Workshops around the world will contribute to drafting this document, culminating in a constitutional convention in Argentina this December. Furthermore, Hoskinson emphasized that each delegate at the convention will have an equal vote.
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The Voltaire era aims to establish a fully functional government post-bootstrap phase. The CC, DReps, and SPOs will lead this government, handling constitutional amendments and hard forks. However, this process will take about 90 days to fully mature. The new governance will oversee an annual budget process, with approximately $600 million in ADA held in the Cardano Treasury while funding activities will be subject to oversight and audits.
Future of Cardano Governance
Hoskinson highlighted that Cardano will regularly assess its decentralization levels to ensure that its governance system remains distributed, effective, and efficient.
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He described this phase as the final step towards Cardano’s full decentralization and the realization of the Ouroboros protocol’s potential.
Institutions like Intersect will assist in managing the new governance. Moreover, Intersect will use modern techniques to streamline decision-making processes. Hoskinson underscored the importance of community involvement, urging ADA.
